Press Releases

1. The Ministry of Finance invited the public to provide feedback on the draft Income Tax (Amendment) Bill 2019 from 19 June to 10 July 2019^[1]. The draft Bill proposes legislative amendments to effect tax changes announced in Budget 2019 and changes arising from the periodic review of the income tax system.

 

2. The key feedback received pertained to the following tax changes:

 

• Increasing the prescribed deemed expense ratio, and increasing or removing the revenue threshold, for self-employed commission agents;

 

• Providing clarity on the revocation of tax incentive awards when an incentive recipient fails to meet the conditions of a tax incentive;

 

• Clarifying that the amendment of definition of qualifying debt securities under Section 13(16) of Income Tax Act will allow alternative set of qualifying conditions for insurance-linked securities; and

 

• Clarifying the amendment relating to the lapsing of the Approved Unit Trust scheme.

 

Responses to the key feedback are in Annex A (374 KB).

 

3. Of the 46 suggestions received, 28 suggestions were accepted and incorporated into the draft text of the Bill. The other suggestions were not accepted, as they were inconsistent with the policy objectives of the proposed legislative changes or with legislative drafting conventions.

 

4. The proposed legislative changes would be incorporated into the Income Tax (Amendment) Bill 2019 to be presented to Parliament in the last quarter of 2019. 

 

5. MOF thanks all individuals and organisations who have taken the time and effort to provide their input, and for this continued partnership in helping Singapore to design and implement public policies. This partnership is important in ensuring that we deliver effective and better solutions on the ground. 

 

Issued by:

Singapore

15 August 2019 


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^[1] Please refer to the press release issued on 19 June 2019 for the public consultation documents on the draft Income Tax (Amendment) Bill 2019.